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Gold and Silver

Gold just topped $2,700 an ounce, but here’s why that price could double over the next half decade – by Kristian Koschany (Bloomberg News – November 22, 2024)

https://www.bnnbloomberg.ca/

Gold is on track for its biggest weekly increase since October 2023, buoyed by a sharp rise in safe-haven demand following an escalation in the Russia-Ukraine conflict. As of Friday, midday in Toronto, spot gold had risen more than five per cent this week to top $2,700 an ounce, with year-to-date gains nearing 30 per cent.

The latest surge comes after Ukraine reported Russia’s use of a new type of ballistic missile in an attack on Dnipro, a development seen as a direct signal to Kyiv’s Western allies. Heightened geopolitical risks, particularly involving major powers or regions, often drive investors towards gold and other safety assets.

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First Nations, foreign recruits bolster gold miner Agnico Eagle’s workforce – by Len Gillis (Northern Ontario Business – Novemver 18, 2024)

https://www.northernontariobusiness.com/

Executive Andre Leite pledges to continue supporting First Nations and Indigenous business partnerships in the North

The vice-president of Canada’s largest gold mining company said there is a lot of excitement these days in the industry, but it’s not just related to the rapidly rising price of gold, which has reached record levels in recent weeks.

Andre Leite, vice-president of Agnico Eagle Mines’ Ontario operations, said his company is working hard to maintain best possible working relations with First Nations both in providing jobs and sustainability for mining operations on Indigenous lands in Northern Ontario.

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Gold Prices Rise After $82 Billion Discovery In China—New Record High Ahead? – by Giuseppe Ciccomascolo (CCN.com – November 22, 2024)

https://www.ccn.com/

China’s recent discovery of massive gold reserves in Hunan province has sent shockwaves through the global market, propelling gold prices to new heights. However, the long-term trajectory of gold prices remains uncertain, influenced by a complex interplay of factors such as interest rates, inflation, and geopolitical risks.

While some analysts predict a bullish future for gold, others caution against overly optimistic forecasts due to the inherent volatility of commodity markets. China has discovered gold reserves valued at 600 billion yuan – equal to $82.9 billion – in central Hunan province. As the world’s largest gold producer, China accounts for approximately 10% of global output in 2023, based on data from the World Gold Council.

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Indigenous Leaders: Community builder Jennifer Constant makes their message clear to miners – by Ian Ross (Northern Ontario Business – November 21, 2024)

https://www.northernontariobusiness.com/

Sustainability, participation, equality earns Mattagami First Nation chief accolades as an Indigenous trailblazer

Since first being elected to Mattagami First Nation council in 2003, Jennifer Constant has never been shy about holding mining companies to account on their stated ESG principles of doing no harm.

Before consultation with First Nations became standard industry practice, the now-chief (Ogimaa Kwe) of Mattagami wouldn’t hesitate to remind junior mining companies probing for gold and minerals within their territorial lands to “come have a conversation” on their exploration plans.

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Osisko Development surges on permitting milestone for Cariboo gold project – by Staff (Mining.com – November 21, 2024)

https://www.mining.com/

Osisko Development (NYSE: ODV, TSXV: ODV) shares surged as much as 25% on Thursday morning as it reached a significant permitting milestone for the 100%-owned Cariboo gold project in central British Columbia.

The approval of its BC Mines Act permit means that the company can now move forward the construction and operation of the underground mine, which is expected to deliver 164,000 oz. of gold production annually over a 12-year life, as outlined in a 2023 feasibility study.

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Inside South Africa’s ‘ruthless’ gang-controlled gold mines – by Nomsa Maseko (BBC.com – November 20, 2024)

https://www.bbc.com/

Along with about 600 other men, Ndumiso lives and works in a small gang-controlled “town” – complete with markets and a red light district – that has grown up deep underground at a disused gold mine in South Africa.

Ndumiso told the BBC that after being laid off by a big mining firm, he decided to join the gang in its underground world to become what is known as a “zama zama”, an illegal miner. He digs for the precious metal and surfaces every three months or so to sell it on the black market for a huge profit, earning more than he ever did before – though the risks now are far higher.

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Rising threat of World War III could see gold hit $2,800 by Christmas – analyst – by Jordan Finneseth (Kitco News – November 21, 2024)

https://www.kitco.com/

(Kitco News) – Gold’s record-setting rally in 2024 hit a wall of resistance around $2,791/oz, leading to a pullback to $2,540/oz, and while some have warned of an extended consolidation period, one analyst thinks the yellow metal could hit a new all-time high above $2,800 before Christmas.

“War. What is it good for? Absolutely nothing except driving gold prices to record ATHs,” said Matthew Jones, precious metals analyst at Solomon Global. “In the current climate, $2800 before Christmas is not out of the question.”

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Russian war machine funded by illicit gold trading, WGC report states – by Darren Parker (Mining Weekly – November 18, 2024)

https://www.miningweekly.com/

Russian State-funded private military company (PMC) Wagner Group is one of the greatest beneficiaries of illicit gold trading, a new report published by the World Gold Council (WGC) shows.

According to the report, penned by former UK Deputy Prime Minister Dominic Raab, estimates suggest the PMC earned more than $2.5-billion from illicit gold mining since the invasion of Ukraine alone, which has been funnelled back into the Russian war machine.

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How murky gold trade fuels wars, gangs and terror attacks – by Emma Batha (Context – November 20, 2024)

https://www.context.news/

LONDON – The illicit trade in gold from artisanal mining is feeding conflicts from Ukraine to Sudan, funding terrorism, fuelling organised crime and subjecting the world’s poorest people to horrendous violence. This is the picture painted by the World Gold Council (WGC) in a report urging concerted international action to clean up the booming sector.

The artisanal and small-scale gold mining (ASGM) industry now produces an estimated 20% of the world’s gold, up from 4% in the 1990s, and possibly accounts for 80% of the global gold mining workforce, said the ‘Silence is Golden’ report.

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Musselwhite Mine has a new owner – by Ian Ross (Northern Ontario Business – November 18, 2024)

https://www.northernontariobusiness.com/

Vancouver’s Orla Mining does an $850 million deal with Newmont to acquire northwestern Ontario mine

Musselwhite Mine in northwestern Ontario finally has a new owner. Denver-based Newmont is selling Musselwhite to Vancouver’s Orla Mining for up to US$850 million in total consideration.

Newmont receives cash consideration of $810 million when the deal will be finalized in the first quarter of 2025 and up to US$40 million in contingent payments based on the average spot gold price following the two years after the transaction is closed. The fly-in, fly-out underground operation is roughly 500 kilometres north of Thunder Bay.

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TD’s alien world of gold coins – by Jason Kirby (Globe and Mail – November 16, 2024)

https://www.theglobeandmail.com/

Inside the bank’s push into the sometimes peculiar world of precious metal collectibles

Two aliens with emerald-green eyes stare out from the face of a gold coin on the website of Canada’s second-largest bank, the words “The invasion is here” stamped above their elongated heads.

The gleaming extraterrestrials, straight out of Area 51 central casting, appeared some time ago on the online store of TD Precious Metals, Toronto-Dominion Bank’s bullion trading division, which has quietly become one of the largest purveyors of gold and silver items in Canada’s retail market.

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UAE surpasses London to become the world’s second-largest gold hub as Asian demand grows – DMCC – by Neils Christensen (Kitco News – November 18, 2024)

https://www.kitco.com/

(Kitco News) – Asian demand has transformed the gold market this year, driving prices to record highs. While the market has recently retreated from those highs, Asia’s influence in the marketplace is expected to grow, according to the latest report from the Dubai Multi Commodities Centre (DMCC).

The DMCC highlighted that Dubai and the United Arab Emirates are uniquely positioned to serve as an important bridge between East and West. According to the report, the DMCC envisions the start of an “Asian Century” for gold, with a focus on developing a new gold economic corridor among BRICS nations, including the UAE.

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Sudbury companies can tap into Ontario’s gold rush, chamber told – by Hugh Kruzel (Sudbury Star – November 15, 2024)

https://www.thesudburystar.com/

Agnico Eagle Mines Limited outlines its plans to develop gold mines in the province

Agnico Eagle Mines Limited is planning to spend billions developing gold mines in Ontario – a fact that should benefit mining services and supply companies based in Sudbury. That’s one of the messages Andre Leite, Ontario vice president of Agnico Eagle Mines Limited, brought to a Greater Sudbury Chamber of Commerce President’s Series Luncheon on Thursday.

Agnico Eagle’s business is gold production and Sudbury is the home base for Leite. His company is recognized globally for its leading environmental, social and governance practices.

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Gold is suddenly not so glittery after Trump’s White House victory – by Stan Choe (Associated Press – November 14, 2024)

https://apnews.com/

NEW YORK (AP) — After ripping higher for much of this year, the price of gold has suddenly become not so golden since Donald Trump’s victory in the presidential election.

Gold fell more than 4% in the four days since Election Day, when the broad U.S. stock market climbed nearly 4%. That’s even though investors are expecting a Trump White House to drive tax rates lower and tariffs higher. Such a combination could push the U.S. government’s debt and inflation higher, which are both things that can help gold’s price.

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How low will gold go before the bounce? – by Ernest Hoffman (Kitco News – November 15, 2024)

https://www.kitco.com/

(Kitco News) – As precious metals investors watched gold prices slide from a high of $2,800 per ounce only two weeks ago to just over $2,500 per ounce this week, analysts and traders have been working overtime to contextualize the magnitude of the move, and to try to determine the likely near-term floor for the yellow metal.

And while gold holders are reassured to hear that all the medium and long-term tailwinds behind bullion remain in effect, they remain anxious as they watch gold prices decline further day after day. “This week alone, gold prices have fallen nearly 5%, marking the steepest weekly decline in almost three years,” noted Alex Kuptsikevich, senior market analyst at FxPro.

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